Some have been building a case for asset managers, recently--especially with the equities market in rally mode. Analyst Kenneth Worthington of JP Morgan Securities has added some nuance to all this by issuing a report noting that he "prefers equity managers over fixed income managers due to the recent strength in equity markets and the likely impact on future earnings," according to Reuters.

Other issues include the higher rates and the effect on specific managers of money funds. He upgraded Franklin Resources and T Rowe and downgraded Eaton Vance and Federated. Franklin has a large international business that stands to gain from a weaker dollar, while high fixed-income exposure at Federated and "the deteriorating performance at some key Eaton Vance funds could cause both stocks to lag [behind] those of peers." 

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Turning bullish on asset managers?